SNGPL approves 70.50pc cash dividend

LAHORE: The shareholders of Sui Northern Gas Pipeline Ltd (SNGPL) approved 70.50 percent cash dividend, including interim cash dividend of 15 percent for FY 2017-18 at its 54th Annual General Meeting (AGM) at a local hotel on Thursday.

The company’s annual accounts for the year ended June 30, 2018 were placed before the shareholders at the meeting, which was chaired by Board of Directors Chairman Syed Dilawar Abbas.

As per the declaration, the SNGPL earned all time highest after tax profit of Rs11,121 million in its history, which translated to earnings per share of Rs17.54.

The valued shareholders of the company considered and approved the payment of cash dividend at the rate of Rs7.05/share of Rs10 each, ie 70.50 percent for the year ended June 30, 2018, including interim cash dividend of Rs1.5/share of Rs10 each, as recommended by the board of directors.

The shareholders also considered and adopted the annual audited accounts of the company for the year ended June 30, 2018 together with the directors’ and auditors’ reports thereon. The shareholders also approved the appointment of M/s EY Ford Rhodes, Chartered Accountants as auditors of the SNGPL for the financial year 2018-19. The share transfer books of the company would be re-opened from May 24, 2019.